Yeti reports Q2 adjusted EPS 57c, consensus 47c

Reports Q2 revenue $402.6M, consensus $411.64M. Matt Reintjes, President and Chief Executive Officer, commented, “YETI continued to execute at a high level in the second quarter, driven by brand strength, consideration and purchase in a dynamic demand environment. We continue to see attractive trends in the market with growing consumer demand for hydration solutions from coolers to drinkware, broadening colorways and an increasing focus on durable, reusable product. Our innovation continues to successfully address these trends, and we are excited about the pipeline of product we have in development across our product families. In drinkware, we are seeing positive results from the expansion of our bottle portfolio, our straw lid tumblers, the growing range of our Yonder water bottles, and the successful launch of our beverage bucket. In hard coolers, we saw strong demand for our wheeled cooler offerings. On the soft cooler front, we remain firmly on-track to not only bring our full lineup of soft coolers and dry gear bags back to the market, but also expand some of these offerings to new sizes as we move into the fourth quarter.” Reintjes continued, “As we look at our second quarter performance, adjusted sales growth was above our expectations. Importantly, our gross margin performance continues to strengthen as we are now seeing greater benefit from lower container costs. We continue to thoughtfully invest in the business to drive growth and brand expansion, while maintaining a healthy level of profitability. Finally, we have further strengthened our balance sheet with a growing cash balance and an expanded credit facility, providing increased flexibility across our capital allocation priorities.”